YogaWorks, a chain of 50 studios spread across six US
metropolitan areas, pulled its initial public offering on
Thursday, the day it was originally expected to price, citing
market conditions.

The offering's underwriters — led by Cowen, Stephens and
Guggenheim — set a range of $10 to $12 a share in a
regulatory filing on July 10. A pricing at the top of the
range would've marked a valuation of roughly $70 million.

It's certainly an interesting rationale for pulling the deal,
considering multiple US equity benchmarks closed at record highs
on Wednesday. Not to mention the CBOE Volatility
Index — or VIX — which serves as a gauge for investor fear,
is locked near its lowest levels on record.

While some might cite a difficult IPO environment that most
recently saw meal kit maker Blue
Apron limp to the finish line, it's also possible potential
investors just weren't sold on the company at that valuation.
After all, the company is unprofitable at the moment, posting net
losses in each of the last two years, as well as in the first
quarter of 2017.

In a frantic final week before going public, Blue
Apron cut its range by more than 30%, and now trades
about 34% below its final IPO price of $10 a share.

Meanwhile, recently-IPOed social media player Snap has
showed that a successful IPO doesn't even necessarily translate
to success in the open market. After pricing at $17 a share on
March 1, the company's stock has taken a beating, falling 12% to
$14.97 through Wednesday's close.